Tri Origin Exploration Ltd

Published : February 16th, 2012

Osisko to Option Tri Origin's RLX Property

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Keywords :   Australia | Gold | Gold Mine |

FOR IMMEDIATE RELEASE:

February 16, 2012

OSISKO TO OPTION TRI ORIGIN?S RLX PROPERTY, RED LAKE, ONTARIO

 

Tri Origin Exploration Ltd. (TSX-V: TOE) (?Tri Origin? or the ?Company?) is very pleased to announce the completion of a Letter of Intent (?LoI?) to enter into an important exploration agreement with Osisko Mining Corporation to advance the Company?s 100%-owned Red Lake Extension (?RLX?) property at Red Lake, Ontario. The LoI outlines the terms under which Osisko will fund exploration programs at RLX to earn an equity interest in the property.

 

Robert Valliant, CEO of Tri Origin stated, ?We are excited to have Osisko with its significant expertise in the gold mining business join Tri Origin in its search for gold at Red Lake. Osisko?s recognition of the exploration potential of the RLX property and the need for a more sustained and capital intensive effort to unlock this potential will be of great benefit to our exploration program going forward.?

 

The key terms agreed to in the LoI give Osisko the right to earn an initial 51% interest in the property by funding $5.0 million on exploration over a 4 year period and by paying Tri Origin a total of $800,000 in cash during the period. If these conditions are met, Osisko will then have the right to either earn up to a total of 65% interest in the property by completing detailed deposit delineation and a bankable feasibility study or to enter into a 51% Osisko-49% Tri Origin joint venture to further explore the property. Tri Origin will be operator of the project for the first year and Osisko will have the option to become operator each year thereafter.

 

Osisko has also agreed to participate in a private placement for 5 million common shares of Tri Origin at $0.07 per share for total proceeds of $350,000.  The Company anticipates that the placement will close on or around February 17th, 2012 subject to regulatory approval.  All securities will be subject to a hold period of four months and one day from the date of closing.  Proceeds of the placement will be used for mineral exploration at the Company?s properties in Northern Ontario and for general corporate purposes. 

 

The RLX property covers an area of 121 square kilometres along the south-eastern extension of the Red Lake greenstone belt and adjoins Goldcorp?s Red Lake mine property 10 kilometres southeast of the Red Lake Mine. Tri Origin has conducted regional geological, geophysical, geochemical and drilling programs at RLX. This work has successfully established that the important gold hosting rock units and structures of the Red Lake District extend across the property and has resulted in prioritization of target areas that now require detailed exploration. The agreement with Osisko will allow detailed exploration to proceed with expedient and full evaluation of selected target areas within this large, well-located property that, prior to Tri Origin, had not been explored for gold.

 

Both parties are now working toward timely completion of the final option agreement and planning of exploration programs that are expected to commence at the start of the coming field season.

 

About Osisko Mining Corporation

Osisko Mining Corporation operates the Canadian Malartic Gold Mine in Malartic, Quebec, and is pursuing exploration on a number of properties, including the Hammond Reef Gold Project in Northern Ontario. Osisko employs more than 700 individuals.

 

For further information about Tri Origin, please refer to the Company?s website www.triorigin.com  or SEDAR www.sedar.com or contact:

 

Dr. Robert Valliant, President

Tri Origin Exploration Ltd.

Tel: (905) 727-1779

E-mail: invest@triorigin.com

 

Tri Origin Exploration Ltd. is publicly listed on the TSX Venture Exchange under the trading symbol TOE. Tri Origin is a leading Canadian exploration company with gold and base metal projects in the Canadian Shield.  Tri Origin has leveraged exposure to mineral discoveries in Australia through its equity interest in its affiliate, TriAusMin Limited which holds gold and base metal resource-based assets in New South Wales.

 

 

 

Data and Statistics for these countries : Australia | All
Gold and Silver Prices for these countries : Australia | All

Tri Origin Exploration Ltd

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CODE : TOE.V
ISIN : CA89557L1031
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Tri Origin is a cobalt and nickel exploration company based in Canada.

Tri Origin develops cobalt, nickel, copper, gold, lead, silver and zinc in Australia, and holds various exploration projects in Australia and in Canada.

Its main assets in development are WOODLAWN UNDERGROUND and WOODLAWN RETREATMENT in Australia and its main exploration properties are OVERFLOW, CALARIE, LEWIS PONDS and WOODLAWN MINING DISTRICT in Australia and RED LAKE EXTENSION / CONFEDERATION, BURNTBUSH, COCHENOUR and CITADEL CUSTOM GOLD (SURLUGA) in Canada.

Tri Origin is listed in Canada and in Germany. Its market capitalisation is CA$ 20.9 millions as of today (US$ 16.8 millions, € 13.9 millions).

Its stock quote reached its highest recent level on April 05, 2007 at CA$ 1.39, and its lowest recent point on March 18, 2020 at CA$ 0.01.

Tri Origin has 99 370 000 shares outstanding.

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Annual reports of Tri Origin Exploration Ltd
AUSTRALIAN AFFILIATE FILES ANNUAL REPORT
TOE 2008 Annual Report
Financings of Tri Origin Exploration Ltd
3/28/2011COMPLETES FINAL $1,000,000 TRANCHE OF NON-BROKERED FINANCING...
8/23/2010TOE News Release Aug 23, 2010 - Tri Origin Announces Flow-Th...
12/29/2009Flow Through Placement Completed
9/26/2008TOE ANNOUNCES CLOSING OF $1MILLION FLOW-THROUGH PRIVATE PLAC...
9/12/2008ANNOUNCES $1 MILLION FLOW-THROUGH PRIVATE PLACEMENT
10/23/2007Investment-Backed Credit Facility
Project news of Tri Origin Exploration Ltd
7/11/2013July 11, 2013 COMPANY AFFILIATE REPORTS RECEIVING FINAL GRAN...
5/21/2013MAY 21ST 2013 - Positive Results From Geophysical Surveryin...
11/8/2012Commences Drilling Program at Red Lake Extension Property
10/25/2012New Drill Program Approved for Red Lake Extension Property
4/3/2012AFFILIATE ANNOUNCES HIGH GRADE, DEEP DRILL INTERSECTIONS AT ...
3/22/2012(Woodlawn Retreatment)AFFILIATE ANNOUNCES APPROVAL FOR DEVELOPMENT OF WOODLAWN RET...
2/16/2012Osisko to Option Tri Origin's RLX Property
12/12/2011(North Abitibi)Announces High-Grade Gold Mineralization at North Abitibi
8/11/2011(Sky Lake)ACQUIRES ADDITIONAL LAND, SKY LAKE GOLD PROJECT, PICKLE LAKE
5/25/2011Commences Drilling Program at Red Lake Extension Project
7/8/2010(Lewis Ponds)Affiliate Reports on Progress at Lewis Ponds Gold Project
6/30/2010(Red Lake Extension / Confederation) Field Program Prioritizes Drill Targets
2/23/2010(Lewis Ponds)Affiliate commences airbone geophysical survey of Lewis Pond
4/6/2010(Woodlawn Mining District)Drilling Update at Woodlawn
9/8/2009(Red Lake Extension / Confederation)Drilling Program Complete At Red Lake Extension Project
7/7/2009(Red Lake Extension / Confederation)Commences Drilling at Red Lake
5/27/2009(Red Lake Extension / Confederation)Commences Exploration at Red Lake
2/6/2009(North Abitibi)North Abitibi Option Dropped and CFO Resigns
11/28/2008(Red Lake Extension / Confederation)DRILLING PROGRAM COMPLETE AT RED LAKE EXTENSION PROJECT/MANA...
11/3/2008(Red Lake Extension / Confederation)ON TOE DRILLING AT RED LAKE, ONTARIO & AUSTRALIAN AFFILIATE ...
9/29/2008(North Abitibi)TOE News Release - Summer Drilling Program Complete, North A...
8/1/2008AUSTRALIAN SUBSIDIARY REPORTS COMPLETION OF WOODLAWN RETREAT...
7/4/2008(North Abitibi)Commences Drilling at North Abitibi
7/2/2008(Keewatin)ACQUIRES 100% INTEREST IN KEEWATIN PROPERTIES (BHP)
4/30/2008(Woodlawn Underground)Mineral Resources Upgraded and Feasibility Study Nearing Com...
4/7/2008(Red Lake Extension / Confederation)AIRBORNE AND GROUND GEOPHYSICAL PROGRAMS DEFINE NEW DRILL TA...
3/6/2008(Woodlawn Underground)Woodlawn Zinc-Copper Projects Update
1/29/2008(Red Lake Extension / Confederation)Land Holdings increased and Airborne Geophysical program com...
12/18/2007(Woodlawn Underground)Drilling commences to add to Tailings Resource at Woodlawn
12/10/2007(Woodlawn Underground)Feasibility Study Progress at Woodlawn, NSW
10/31/2007(Keewatin) Drilling Results at Keewatin, Copper, Gold & Uranium Projec...
10/1/2007Gold Targets Identified by Overburden Drilling, RLX Project,...
9/11/2007(Woodlawn Underground)Woodlawn Zinc - Copper Projects update
6/25/2007Drilling program in progress at Red Lake Extension project, ...
4/2/2007(Woodlawn Underground)WOODLAWN UNDERGROUND PROJECT TO PROCEED TO FEASIBILITY
Corporate news of Tri Origin Exploration Ltd
9/23/2015IIROC Trading Resumption - TOE
9/23/2015Tri Origin Stakes Properties on Behalf of Abitibi Gold & Bas...
9/23/2015IIROC Trading Halt - TOE
7/9/2015Field Program Completed at Tri Origin's Sky Lake Gold Projec...
4/24/2013April 24th 2013 Positive Return from Sale of Tri Origin's In...
5/22/2012Commences at Red Lake
3/19/2012GOLD EXPLORATION TARGETS OUTLINED FOR 2012 FIELD SEASON
12/19/2011(Sky Lake)Drill Targets Confirmed at Sky Lake Gold Project
5/27/2011files fiscal Q3 Financial Statements
3/8/2011COMPLETES FIRST CLOSING OF $550,000 NON-BROKERED FINANCING
5/31/2010Key Gold Targets to be Evaluated as Field Season Commences
3/1/2010Acquires gold exploration property
1/25/2010DECLARES DIVIDEND-IN-KIND
1/22/2010Affiliate Successfully Listed on TSX
9/29/2009Announces Change of Record Date and Annual, General and Spec...
7/28/2009Announces Intention to Distribute Shares of AU
5/28/2009Releases Quarterly Financial Statements
3/2/2009Releases Interim Financial Statements
2/26/2009R. W. Hutchinson accepts position as Founding Chair, Geotech...
1/30/2009NEW RELEASE - ' TRI ORIGIN'S AFFILIATE RELEASES QUARTERLY RE...
1/12/2009- OZ MINERALS TERMINATES ALLIANCE WITH TRI ORIGIN
11/20/2008AUSTRALIAN AFFILIATE REPORTS SIGNING OF AGREEMENTS TO COMMEN...
8/22/2008FORMS ALLIANCE WITH MAJOR MINING COMPANY
8/6/2008To Commence Drilling at Red Lake
6/24/2008Australian Financing
2/29/2008 Financial Statements
10/26/2007June 2007 Financial Statements & MD&S point to a strong year...
9/28/2007MR. ALAN SNOWDEN JOINS THE BOARD OF TRI ORIGIN’S AUSTRALIAN ...
9/4/2007Financial Investment Update
7/12/2007commences drilling at Keewatin Project
6/28/2007Woodlawn Tailings Retreatment Project Resource
5/16/2007TOE - Announces Additional Shares Issued in Subsidiary and A...
3/21/2006drilling to commence, Red Lake extension, Ontario
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